How KKR Got Mario Draghi on Board With Telecom Italia Bid (3)

Before going public with a $12 billion offer for Telecom Italia SpA, U.S. buyout firm KKR & Co. needed to make sure one key stakeholder was on board: Italian Prime Minister Mario Draghi.

The KKR team was clear that they couldn’t proceed with the bid unless they had the government’s support, according to people familiar with the matter. So earlier this month they headed to Rome to sit down with Italian officials. Draghi was briefed on the deal and the officials set some conditions, the people said, but the government ultimately gave KKR the green light.

A spokesperson for ...